In a recent victory for billionaire entrepreneur and NBA sports team owner Mark Cuban and the Dallas Mavericks, a federal judge has thrown out a long-running class-action lawsuit accusing them of (allegedly) misleading investors through their promotion of the failed cryptocurrency platform Voyager Digital. The case, filed in 2022 in the U.S. District Court for the Southern District of Florida, alleged that Cuban and the NBA team induced customers to invest in Voyager‘s interest-bearing accounts by touting the platform as safe and reliable.
Plaintiffs claimed Cuban repeatedly praised Voyager publicly, including statements about his personal investment and a partnership that offered fans Bitcoin rewards for signing up and trading.
These promotions, the suit argued, violated applicable state securities laws and consumer protection statutes by intentionally pushing unregistered securities on unsuspecting users.
However, on December 30, 2025, Judge Roy K. Altman ruled that the court lacked personal jurisdiction over Cuban and the Mavericks.
The judge determined that the defendants’ nationwide marketing efforts did not specifically target Florida residents, despite the alleged harm occurring there.
The dismissal was without prejudice, though Cuban’s legal team emphasized that plaintiffs have limited options for refiling in that district.
Represented by attorneys at Brown Rudnick LLP, Cuban and the Mavericks expressed relief at the outcome.
“We are extremely pleased with this decision,” said Stephen A. Best, partner and chair of the firm’s White Collar Defense practice.
He noted that the ruling protects national promoters from being dragged into distant jurisdictions without clear ties.
Voyager Digital’s collapse in July 2022 came amid a brutal crypto market crash, with the lender filing for Chapter 11 bankruptcy while holding around $1.3 billion in customer crypto assets.
The dramatic downturn was exacerbated by the May 2022 implosion of the Terra ecosystem, which vaporized approximately $40 billion in value.
Terraform Labs co-founder Do Kwon, responsible for the algorithmic stablecoin TerraUSD, was recently sentenced to 15 years in prison for fraud related to that disaster.
The dismissal marks the end of Cuban’s involvement in this particular Voyager litigation, though it reflects broader scrutiny of celebrity endorsements in the crypto space.
Other promoters, including athletes like Rob Gronkowski and Victor Oladipo, previously settled similar claims.
For Cuban, known for his outspoken views on cryptocurrency, the ruling reinforces his stance that he acted responsibly and did not bear liability for Voyager’s failure.
This case closure arrives during a period of shifting crypto regulations, with several high-profile lawsuits resolving favorably for industry figures in recent months.
